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\n\tMark Thomas, Institutional broker equities and derivatives at MINC Stockbroking, suggested to his clientele yesterday that purchasing shares in National Australia Bank ((NAB)) might be an idea to consider.<\/span><\/p>\n \n\tAmong the reasons mentioned were:<\/span><\/p>\n \n\t– the fact that NAB shares have underperformed local peers<\/span><\/p>\n \n\t– the shares look cheap on fundamentals<\/span><\/p>\n \n\t– market r<\/span>umours are circulating that NAB may walk away from the sale of RBS assets in the UK and that NAB might instead sell its own UK assets<\/p>\n \n\t– A resolution to the AXA Asia-Pacific ((AXA)) bid would be taken well by the market<\/p>\n \n\tThomas suggests investors should either Buy-Write NAB or switch from ANZ Bank ((ANZ)) or Westpac ((WBC)) into NAB.<\/p>\n \n\tWith regards to the last point made by Thomas, banking analysts at Credit Suisse this morning commented they remain far from convinced NAB will be able to satisfy the objections upheld by the ACCC.<\/p>\n \n\tCS analysts note, for example, that selling AXA's North platform to a much smalled competitor with limited distribution will instantly and substantially lessen the competitive position of the platform.<\/p>\n \n\tIn addition, notes CS, a so-called “sale and leaseback” arrangement would make NAB the largest customer of the buyer, which would give NAB potentially undue influence over its pricing.<\/p>\n \n\t(And these are only some of the objections raised by CS).<\/p>\n \n\tAll in all, states CS, investors better not forget that even if NAB manages to convince the ACCC, it still needs to get Treasury approval. The latter, argue the analysts, is nowhere near a foregone conclusion.<\/p>\n \n\tReaders should note the views expressed in this story are Thomas's and Credit Suisse's, not FNArena's (see our disclaimer).<\/p>\n